Correlation Between WIG 30 and Varsav Game
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By analyzing existing cross correlation between WIG 30 and Varsav Game Studios, you can compare the effects of market volatilities on WIG 30 and Varsav Game and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in WIG 30 with a short position of Varsav Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Varsav Game.
Diversification Opportunities for WIG 30 and Varsav Game
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between WIG and Varsav is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Varsav Game Studios in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Varsav Game Studios and WIG 30 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on WIG 30 are associated (or correlated) with Varsav Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Varsav Game Studios has no effect on the direction of WIG 30 i.e., WIG 30 and Varsav Game go up and down completely randomly.
Pair Corralation between WIG 30 and Varsav Game
Assuming the 90 days trading horizon WIG 30 is expected to under-perform the Varsav Game. But the index apears to be less risky and, when comparing its historical volatility, WIG 30 is 4.08 times less risky than Varsav Game. The index trades about -0.12 of its potential returns per unit of risk. The Varsav Game Studios is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 46.00 in Varsav Game Studios on August 28, 2024 and sell it today you would lose (4.00) from holding Varsav Game Studios or give up 8.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.5% |
| Values | Daily Returns |
WIG 30 vs. Varsav Game Studios
Performance |
| Timeline |
WIG 30 and Varsav Game Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
Varsav Game Studios
Pair trading matchups for Varsav Game
Pair Trading with WIG 30 and Varsav Game
The main advantage of trading using opposite WIG 30 and Varsav Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Varsav Game can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Varsav Game will offset losses from the drop in Varsav Game's long position.| WIG 30 vs. Movie Games SA | WIG 30 vs. Medicofarma Biotech SA | WIG 30 vs. Enter Air SA | WIG 30 vs. Intersport Polska SA |
| Varsav Game vs. Banco Santander SA | Varsav Game vs. UniCredit SpA | Varsav Game vs. CEZ as | Varsav Game vs. Polski Koncern Naftowy |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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